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Addax Petroleum rolls out $5bn dev. plan in Nigeria

One of the strongest players in Nigeria’s oil and gas sector, Addax Petroleum Development (Nigeria) Limited has not only affirmed its commitment to Nigeria, said  it is ready to inject fresh investment of $3bn to $5bn from next year going forward.

A statement issued by the oil giant, revealed that Addax Petroleum/NNPC Production Sharing Contract has produced over 425 million barrels of crude oil in the last 19 years when it took over operatorship of Oil prospecting Licences 98/118 and OPLs 90/225.

Both oil wells were previously operated by Ashland Nigeria Oil Company from 1973 to 1998.

Addax noted that as a contractor to and on behalf of Addax/NNPC PSC, it achieved the feat “through sustained investment in reserves and production growth activities, application of technology, and strong NNPC/DPR partnership and strong partnership with host communities.”

Analysts say the new long term investment plan, will among other things, raise output of the Joint venture and deepen service and market share of the company.